May 22, 2014: NREL Assembles Working Group to Explore Solar Lending Potential
‘Banking on Solar’ Includes Members Representing the Solar, Banking, Legal, Regulatory, and Financial Industries
GOLDEN, Colo. — Increasingly, banks, credit unions, and other lenders are beginning to offer loan products to homeowners and businesses for the installation of solar rooftop systems. However, barriers to this market still remain. The U.S. Department of Energy’s (DOE’s) National Renewable Energy Laboratory (NREL) has convened a working group called “Banking on Solar” to engage lenders and other stakeholders to address these barriers.
Banking on Solar includes more than 50 members representing the solar, banking, legal, regulatory, and financial industries, among others. The group’s principal efforts center on standardizing contracts and underwriting processes, as well as educating banks and regulators about the risks and rewards of solar assets. The goal is to reduce barriers to entry for banks that wish to diversify their asset base and invest in a market with high growth potential.